Singapore legislation

Clause 122

Saving and transitional provisions for holders of licences under MCRBA and approved holders of stored value facilities under PSOA

(1)

Any person that, immediately before the appointed day, is a holder of a remittance licence, but is not also a holder of a money‑changer’s licence or an approved holder of a stored value facility —

(a)

is deemed to have been granted, on the appointed day, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing a cross‑border money transfer service; and

(b)

is exempt from section 23 for a period of 12 months beginning on the appointed day in respect of any cross‑border money transfer service provided by that person.

(2)

Any person that, immediately before the appointed day, is a holder of a money‑changer’s licence but is not also a holder of a remittance licence or an approved holder of a stored value facility —

(a)

is deemed to have been granted, on the appointed day, a money-changing licence under section 6(7); and

(b)

is exempt from section 23 for a period of 12 months beginning on the appointed day in respect of any money‑changing service provided by that person.

(3)

Any person that, immediately before the appointed day, is an approved holder of a stored value facility, but is not also a holder of a remittance licence or a money‑changer’s licence, is deemed to have been granted, on the appointed day, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing an e‑money issuance service.

(4)

Any person that, immediately before the appointed day, is a holder of both a remittance licence and a money‑changer’s licence —

(a)

is deemed to have been granted, on the appointed day, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing both of the following services:

(i)

a cross‑border money transfer service;

(ii)

a money‑changing service; and

(b)

is exempt from section 23 for a period of 12 months beginning on the appointed day in respect of any cross‑border money transfer service and any money‑changing service provided by that person.

(5)

Any person that, immediately before the appointed day, is both a holder of a remittance licence and an approved holder of a stored value facility —

(a)

(i)

a cross‑border money transfer service;

(ii)

an e‑money issuance service; and

(b)

is exempt from section 23 for a period of 12 months beginning on the appointed day in respect of any cross‑border money transfer service provided by that person.

(6)

Any person that, immediately before the appointed day, is both a holder of a money‑changer’s licence and an approved holder of a stored value facility —

(a)

(i)

a money‑changing service;

(ii)

an e‑money issuance service; and

(b)

is exempt from section 23 for a period of 12 months beginning on the appointed day in respect of any money‑changing service provided by that person.

(7)

Any person that, immediately before the appointed day, is a holder of both a remittance licence and a money‑changer’s licence and an approved holder of a stored value facility —

(a)

is deemed to have been granted, on the appointed day, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing all of the following services:

(i)

a cross‑border money transfer service;

(ii)

a money‑changing service;

(iii)

an e‑money issuance service; and

(b)

is exempt from section 23 for a period of 12 months beginning on the appointed day in respect of any cross‑border money transfer service and any money‑changing service provided by that person.

(8)

Every condition or restriction imposed under the MCRBA or the PSOA to which a person mentioned in subsection (1), (2), (3), (4), (5), (6) or (7) is subject, immediately before the appointed day, as a holder of a remittance licence or a money‑changer’s licence or as an approved holder of a stored value facility, is deemed, on the appointed day, to be a condition or restriction to which that person is subject as the holder of a licence deemed to have been granted to that person under the applicable subsection.

(9)

Any individual who, immediately before the appointed day, is a chief executive officer, director or partner of a person mentioned in subsection (1), (2), (3), (4), (5), (6) or (7) is deemed, on the appointed day, to have been appointed as chief executive officer, director or partner (as the case may be) of that person with the approval of the Authority under section 34(3)(b).

(10)

Any approval granted, and any condition imposed, under section 11(3) of the MCRBA that remains in force immediately before the appointed day is deemed, on the appointed day, to be an approval granted, and a condition imposed, under section 14(6).

Read in full context — Payment Services Bill →